I found your site through an internet search for seeking short sale real
estate agents in Alexandria.
In summary, I own a house that has an estimated value of about $400k
(maybe even less) but I owe about $450k (a little less actually) on it
through two loans (mortgage + line of credit), putting me $50k in the
red. I am not late on the loans, but I am under a lot of pressure to
I was hoping, after seeing all my options, to secure a short sale. But
I'm not sure if the bank will agree to it because I pay so well. The
first bank is Suntrust (owe about $250k, pay $2000 a month), the
second is Countrywide (owe about $100k, pay $1000 a month).
The main reason I want to sell is because living in that house causes
My dream scenario (that would at the same time be realistic)? Someone
would invest in the house by buying it for fair market value, but paying
off all my debt and then setting up a payment plan for me to repay back
the difference, perhaps at a rate higher than typical house loans.
Played out: Corporation X buys the house for what I owe ($450k) and then
makes out a loan that I have to pay back for the difference between what
was paid and FMV ($50k). My monthly payment goes down, or perhaps stays
the same (around $4000 a month) but then I pay back the loan in 24
months and then I'm done with the house, my credit worthiness intact,
in two years instead of 25 more. Furthermore, my debt is reduced from
$450k to $50k, paving the way for me to buy another property.
Can you help??
Good brainstorming, but that dream will never happen.
But you are CLOSE! What may happen is you agree with your banks to pay them back part of all of the difference. So if it sells for $300k, and you sign a
promissory note for $50k difference, then you might have a shot.
I can help you, but what I can't do is do what I did with the last 2
emails like this, which is spend hours on it, and then the person just stops replying. So I need to know that this email wasn't copied and pasted to 5 agents.
I would also recommend a 3rd part short sale negotiation company that
knows EXACTLY how to make you look in front of the banks and they
might be able to cut that $50k note by 25-75%.
It all depends how much you have in savings and how distressed you really are financially.
But no, no investor in their right or wrong mind would agree to the
arrangement you proposed.